Study Mode
Instant feedback & explanations
See the answer and explanation after each choice.
Corporate Finance
CISI Financial Reporting and Financial Statements Analysis Exam Preparation (UK)
Complete Level 3 FRFS preparation for the CISI Diploma in Corporate Finance, covering all five current syllabus elements.
200 Practice Questions Detailed Study Notes Realistic mock exams
Course syllabus information reviewed for 2026. Always check the awarding body’s latest official syllabus and candidate updates before booking or sitting your exam.
Exactly what is included
- 200 practice questions across 5 mock exams · unlimited retakes
- Focus Learn · key areas, pitfalls, exam traps & key numbers
- Flashcards · fun, fast and effective recall
- Exam cheat sheet · key facts, rules and numbers by chapter
- Audio Learning · every chapter in audio
- AI Analyzer & Mentor · pinpoints your weak areas
- Study Mode Exams · learn while you train
- AI Chat trained specifically for this exam
- Study material organised by syllabus
AI Audio Summaries New
Listen to course modules on the go. Perfect for studying while driving or commuting.
🎧 Audio
* This is a chapter sample. All audio is available in the full version.
Syllabus
Module 1: The Income Statement 30% syllabus weight
🎧 Audio
Income-statement purpose and format, revenue recognition, expenses, taxation, non-recurring items and earnings per share.
- • IFRS 15 revenue recognition
- • Capital and revenue expenditure
- • Current and deferred tax
- • Basic and diluted EPS
Module 2: The Statement of Financial Position 17.5% syllabus weight
The purpose, classification and measurement of assets, liabilities and shareholders' equity.
- • Current and non-current assets
- • Bonds, leases and deferred tax liabilities
- • Stranded assets
- • Share capital, reserves and retained earnings
Module 3: The Cash Flow Statement and Free Cash Flows 17.5% syllabus weight
Operating, investing and financing cash flows, the indirect method, FCFF and FCFE.
- • Cash and non-cash transactions
- • CFO, CFI and CFF classification
- • Indirect-method operating cash flow
- • FCFF and FCFE calculations
Module 4: Group Accounting 17.5% syllabus weight
Consolidated accounts for subsidiaries and associates, including acquisition adjustments and the equity method.
- • Parent, subsidiary and control
- • Goodwill and non-controlling interest
- • Intra-group balances and unrealised profit
- • Associates and equity accounting
Module 5: Financial Analysis 17.5% syllabus weight
Financial ratios, analytical limitations and other information and tools used to assess performance and financial position.
- • Activity, liquidity and solvency ratios
- • Profitability and valuation ratios
- • Trend and common-size statements
- • Forecasts, competitors and industry averages
Student Reviews
4.7
★★★★★
Based on 796 reviews
5 stars
67%
4 stars
33%
3 stars
0%
2 stars
0%
1 stars
0%
Real Reviews, Real Results
From verified learners who used Exams Academy to prepare for their exams.
Recent Exams Academy learner reviews
Published feedback from learners using Exams Academy across our exam-preparation courses.
S
Sarah P.
VERIFIED · Jul 11, 2026
★
★
★
★
★
★
Trustpilot
CF8 passed comfortably
Long term care funding rules change so often, but this material was perfectly up to date. The care home fee top-up arrangements were explained beautifully.
M
Maha T.
VERIFIED · May 16, 2026
★
★
★
★
★
★
Trustpilot
ممتازة للمراجعة السريعة
الفلاش كاردز ممتازة قبل الاختبار بيوم. ياليت تزيدون أسئلة الصناديق بس.
T
Tom H.
VERIFIED · Jun 1, 2025
★
★
★
★
★
★
Trustpilot
From confused to confident in 3 weeks
I started studying PWMSP knowing nothing about platform operations. After 3 weeks with this course I understood ISA mechanics, CREST settlement, corporate actions, and the RDR charging framework. The structured progression from summaries to flashcards to mock exams is genuinely effective.
C
Callum B.
VERIFIED · May 25, 2025
★
★
★
★
★
★
Trustpilot
Taxation chapter alone was worth it
The taxation content in PWMSP is notoriously dry. This course makes it digestible. CGT rates (18%/24% from April 2024), dividend allowance £500, SDRT 0.5%, EIS 30% relief all clearly explained with worked examples in the flashcards. I actually enjoyed studying tax for the first time.
N
Nathan O.
VERIFIED · Apr 30, 2025
★
★
★
★
★
Google
The Number Recall flashcards are needed
PWMSP tests your recall of specific thresholds constantly. The Number Recall flashcards £20,000 ISA limit, £60,000 pension allowance, £85,000 FSCS, £430,000 FOS, 0.5% SDRT, 33.75% higher rate dividend tax saved me in the exam. I had every key number memorised.
Y
Yasmin A.
VERIFIED · Mar 8, 2025
★
★
★
★
★
★
Trustpilot
Model portfolio and STP content is excellent
The section on model portfolios, CIPs, STP, and EMX/Calastone message carriers was exactly what my platform role covers daily. Seeing the exam theory mapped to real operations made everything click. I passed first time and felt the content was directly relevant to my job.
Interactive preview
Free CISI Financial Reporting and Financial Statements Analysis Practice Questions & Exam Preview
Try 15 CISI Financial Reporting and Financial Statements Analysis practice questions from Element 1: The Income Statement
Practice CISI Financial Reporting and Financial Statements Analysis exam questions with answers and explanations. The full course includes 5 mock exams and chapter study tools.
Exam Preview
Element 1: The Income Statement
Which statement most accurately describes income-statement purpose and structure?
1 / 15
Flashcards
Card 1 of 10Chapter 1
Question
What is the core exam rule for income-statement purpose and structure?
Tap to reveal answer
Focus Learn
- Income-statement purpose, format and classification
- IFRS 15 five-step model and over-time recognition
- Principal-agent, repurchase, bill-and-hold and consignment
- Matching, expenditure and depreciation
- Current and deferred tax
- Discontinued operations and basic or diluted EPS
Chapter 1: The Income Statement
The income statement explains financial performance over a period by bringing together income, expenses and the resulting profit or loss. It differs from the statement of financial position, which reports resources and obligations at a date, and from the cash-flow statement, which follows cash movements. Candidates should be able to recognise the main presentation sequence and distinguish revenue from the entity's ordinary activities from other income and gains. Classification matters because users want to judge the sustainability and quality of the reported result, not merely its final total.
IFRS 15 supplies the central revenue-recognition model. First identify an enforceable contract, then identify its distinct performance obligations, determine the transaction price, allocate that pri…
Unlock all Focus Learn
Open every chapter’s key areas, pitfalls, exam traps and key numbers.
Adaptive study tools
Focus weak topics, learn with feedback, then switch to exam conditions.
Practice modes
Learn first. Then prove you’re ready.
Learn with feedback, then switch to exam conditions.
Exam Mode
Realistic exam simulation
Use the timer, keep answers hidden, then review your result.
Preparation Package at a Glance
| Feature | Exams Academy | Details |
|---|---|---|
| Access Period | Lifetime Access | One-time enrollment with no recurring fee |
| Practice Exams | Unlimited Retakes | |
| Study Support | Instant 24/7 AI Tutor | Self-service AI support; live instructor support is not included |
| Cost | $151 (One-Time) | One-time payment with no recurring subscription |
Frequently Asked Questions
The Financial Reporting and Financial Statements Analysis unit is assessed by 40 multiple-choice questions in 50 minutes. Computer-based tests may include up to 10% additional unscored trial questions with proportionately more time.
FRFS is a Level 3 unit in the current route to the CISI Level 6 Diploma in Corporate Finance. It is separate from Corporate Finance Technical Foundations, which belongs to the Certificate in Corporate Finance.
The Income Statement carries 12 of the 40 questions, or 30%. Each of the other four elements carries seven questions, or 17.5%.
It covers the income statement, statement of financial position, cash flow statement and free cash flows, group accounting, and financial analysis from a corporate-finance perspective.
The course is ready with five detailed chapter summaries, 140 flashcards, 118 cheat-sheet entries, five timed 40-question mock exams with answer explanations, and a syllabus-grounded AI tutor.
Yes! Test your knowledge and review detailed explanations with the free CISI Financial Reporting and Financial Statements Analysis Mock Exam Preview below. It contains 15 exam-style questions from one named topic; the full course provides complete mock exams and syllabus coverage.
No. For UK regulated activities, the firm must map the role to the FCA Training and Competence sourcebook and its appropriate-qualification tables. A CISI course title alone does not establish authorisation for every activity. Confirm the requirement with the employer and regulator before booking.
Use the official CISI booking flow to check remote-invigilation or test-centre availability for CISI Financial Reporting and Financial Statements Analysis. Confirm the current workbook edition and read Candidate Updates before booking.
Exams Academy checkout is displayed in US dollars and the card provider converts it to GBP. The official CISI exam and required workbook are booked and paid for separately at the current CISI price.
Key Benefits
Corporate-finance reporting foundation
Build the financial-statement knowledge used throughout the current CISI Diploma in Corporate Finance route.
- ✓ Income statement and balance sheet
- ✓ Cash flow and free cash flow
- ✓ Group accounting and analysis
Official weighting plan
Allocate preparation time using the published distribution of all 40 examination questions.
- ✓ Five official elements
- ✓ 30% Income Statement weighting
- ✓ Seven questions in each remaining element
Calculation and interpretation focus
Prepare for both technical calculations and the interpretation of financial performance from a corporate-finance perspective.
- ✓ EPS and deferred tax
- ✓ FCFF and FCFE
- ✓ Goodwill, NCI and financial ratios
Exam Format & Details
| Assessment | Computer-based multiple-choice examination |
| Duration | 50 Minutes |
| Level | CISI Level 3 |
| Total Qualification Time | 60 hours |
Prepare for the CISI FRFS exam
Financial Reporting and Financial Statements Analysis is the Level 3 opening unit in the current route to the CISI Diploma in Corporate Finance. It develops the financial-reporting and analytical foundation needed for the higher-level corporate-finance units that follow.
This course follows the latest official syllabus structure reviewed for 2026. It maps the 40-question examination across five elements: the income statement, statement of financial position, cash flow statement and free cash flows, group accounting, and financial analysis. The Income Statement carries 12 questions, or 30% of the paper, while each remaining element carries seven questions.
Study with five detailed chapter summaries, 140 rapid-recall flashcards, 118 calculation and exam-trap cheat-sheet entries, five timed 40-question mock exams with answer explanations, and a syllabus-grounded AI tutor.
Who Is This For?
✓ Candidates preparing for the CISI Financial Reporting and Financial Statements Analysis exam
✓ Professionals progressing through the Diploma in Corporate Finance
✓ Corporate-finance analysts who need a stronger financial-reporting foundation
✓ Candidates entering the Diploma route through the Certificate in Corporate Finance or an eligible accountancy qualification
Preparation centre
CISI Financial Reporting and Financial Statements Analysis Exam Guides
Use these connected guides for the syllabus, exam format, booking and revision strategy.
Exam format
CISI FRFS Exam Guide (2026): Syllabus, Format and Study Plan
Prepare for the CISI FRFS exam with the current 40-question, 50-minute format, five syllabus weightings, calculation priorities and a practical study plan.
Exam guideCISI Diploma in Corporate Finance Route: Where FRFS Fits
Understand the CISI Diploma in Corporate Finance route, where the Level 3 FRFS exam fits, its five syllabus areas and how to build a focused 2026 study plan.
★★★★★ 4.7 (796 Exams Academy reviews)
CISI Financial Reporting and Financial Statements Analysis
Course Features
🇬🇧 Local market guide
CISI Financial Reporting and Financial Statements Analysis in the United Kingdom: pathway, booking and careers
Review how CISI Financial Reporting and Financial Statements Analysis connects to regulation, qualification pathways, booking, currency and careers in the United Kingdom before paying the official exam fee.
Regulator and qualification pathway
For UK regulated activities, the firm must map the role to the FCA Training and Competence sourcebook and its appropriate-qualification tables. A CISI course title alone does not establish authorisation for every activity.
Financial Conduct AuthorityBooking and official examination
Use the official CISI booking flow to check remote-invigilation or test-centre availability for CISI Financial Reporting and Financial Statements Analysis. Confirm the current workbook edition and read Candidate Updates before booking.
Find a CISI test centreCareer and employer context
Match the course syllabus to the knowledge needed for your intended role. UK regulated activities may require a particular qualification or combination of units; confirm the requirements with your employer.
Price and currency
Exams Academy checkout is displayed in US dollars and the card provider converts it to GBP. The official CISI exam and required workbook are booked and paid for separately at the current CISI price.
Market-specific reading
Understand the pathway before booking
Ready to Pass Your Exam?
Build accurate recall and exam-day confidence with syllabus-aligned study tools, realistic practice and a course-grounded AI tutor.
CISI Financial Reporting and Financial Statements Analysis
★ 4.7 (796)
$151 $440
-66%